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Gold Coast

The Gold Coast suburbs posting double-digit price growth

The Gold Coast suburbs posting double-digit price growth
The Gold Coast property market has seen impressive sales booms in some suburbs while prices have fallen in Brisbane, new data has shown.

House prices have grown 6.8 per cent in the Gold Coast hinterland over the past year, and 2.7 per cent in city’s eastern suburbs, while Brisbane’s city-wide median house price fell by 1.8 per cent over the same period, according to Domain’s House Price Report for the September quarter.

Median house prices have risen most in Clear Island Waters, Paradise Point and Coombabah, while units in Mermaid Waters, Arundel and Coombabah saw the biggest jumps.

The median unit price in Mermaid Waters had increased by 21.2 per cent to $472.500 in the year to October. Local agents say the interest in the area stretches from Mermaid Waters right across to the ocean.

 Median price growth – houses
SuburbMedian priceYoY change
Clear Island Waters$932,00013.0%
Paradise Point$1,155,00011.1%
Coombabah$440,0006.7%
Merrimac$514,0006.0%
Tugun$698,0005.9%
Carrara$571,0005.3%
Biggera Waters$610,0005.2%
Hope Island$905,0005.1%
Burleigh Heads$815,0003.8%
Runaway Bay$8755003.0%
Source: Domain

Mermaid Beach is the second-most expensive suburb in Queensland with a median house price of $1.455 million, and the Gold Coast’s exclusive beachfront street Hedges Avenue is experiencing a surge in sales.

A number of notable sales this year have included 99 Hedges Avenue which sold for $6.395 million and 223 Hedges Avenue, which sold for $6.325 million. A vacant lot at 49 Hedges Avenue sold for $4.2 million.

Leading agent Luke Henderson from John Henderson Professionals Mermaid Beach said prestige buyers were feeling extremely confident about the economic future of the Gold Coast and the city’s property market.

“I think you just can’t beat waking up to the sound and the sight of the waves crashing onto the beach,” Henderson said. “Mermaid Beach is a lifestyle destination, with its relaxed coastal vibe. Strict height limits ensure that its village feel is retained and buyers feel comfortable when paying for such a great location that their investment has good potential for capital growth.

“Currently we’re seeing the lowest listing levels I can recall in 20 years of selling real estate in the suburb, which I believe is due to concern from sellers that if they sell out they may not be able to get back in at the same price level.

“Strong growth has also been recorded in Mermaid Waters which is a highly popular area for families, due to its larger land sizes and location in the heart of the Gold Coast making it easily accessible to shopping, cafes and transport.”

He added he expected the market to remain strong heading into the Christmas and New Year period.

“Spring and summer are always growth periods on the Gold Coast,” he said. “Southerners look to secure a position in readiness for next year’s school commencement and to ensure the great warm weather we see at this time of year.”

 Median price growth – units
SuburbMedian priceYoY change
Mermaid Waters$472,50021.2%
Coombabah$451,50012.9%
Arundel$378,50012.3%
Main Beach$785,0008.3%
Runaway Bay$530,0005.5%
Benowa$570,0003.6%
Burleigh Heads$598,5002.7%
Broadbeach Waters$533,0002.5%
Surfers Paradise$385,0001.3%
Nerang$330,7500.8%
Source: Domain

The median unit price in Arundel rose 12.3 per cent over the past 12 months to $378,000, and 26.2 per cent over the past five years, Domain data shows.

“Arundel is seeing growth because we have bigger blocks, bigger houses and property is well priced,” said Neil Cameron, principal at Harcourts Arundel said. “We’ve seen growth around the golf course and the light rail has also attracted interest. Schools are good in this area, and we’re close to the M1.”

In Coombabah median unit prices were up to $451,000, an increase of 12.9 per cent over the past 12 months, and 24.7 per cent over a five-year period.

The location and value for money were the main draw cards to the area, according Ray White Runaway Bay sales agent Ross Kachel.

“Parks, shops and Coombabah Lakes are all right on the door step, as is Runaway Bay shopping centre,” he said.

 

Source: www.domain.com.au

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Gold Coast

Gold Coast playground named Queensland’s best park

Gold Coast playground named Queensland’s best park (1)

A playground on the northern Gold Coast has been recognised as the state’s best park after taking out a top industry gong.

Two Gold Coast winners were among 17 projects to be honoured by the Queensland Landscape Architecture Awards last night.

Gold Coast playground named Queensland’s best park (3)

The impressive community play hub known as Bim’bimba Park in Pimpama, designed by Brisbane based Form Landscape Architects, won the Parks and Open Spaces category.

“Bim’bimba Park tells a rich, exciting and detailed story and has been underpinned by simple design principles that respond carefully to its setting to deliver a range of spaces for active play and recreation,” said Australian Institute of Landscape Architecture (AILA) Queensland Jury Chair Deb Robbins.

AILA Queensland President David Uhlmann said shared outdoor spaces have taken on even greater importance following the COVID-19 crisis.

“With Gold Coast locals spending more time enjoying local parks, backyards, and green spaces, landscape architecture has been brought to the forefront,” he said.

“We believe there has been a new-found realisation of the importance of green space and active travel opportunities that are complementary to essential infrastructure, not only in our city centres, but also in our neighbourhoods, and surrounding our homes.”

Gold Coast playground named Queensland’s best park (2)

The landscape planning category award went to The Urban Tree Canopy, a Gold Coast study by global firm Arup.

“With a growing population and increasing development on the Gold Coast region, this study makes rigorous analysis and judgment on the effects of both increased and decreased tree canopy,” said Ms Robbins.

“The outcome is a plan for unprecedented climate changes and provides a baseline for understanding urban heat island effects on the Gold Coast.”

 

 

 

This article is republished from www.realestate.com.au under a Creative Commons license. Read the original article.

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Developments

Bottega Property Group Wins Approval for Broadbeach Tower

Bottega Property Group Wins Approval for Broadbeach Tower (1)

Development plans for a high-end 17-storey residential building on Broadbeach’s Old Burleigh Road have been given the go-ahead by Gold Coast council.

Developer Bottega group received the green-light on the project, located at the 123 Old Burleigh Road, last week.

The project comprises 14 “vertical beach houses” across 17 floors, with the developer vying to attract buyers from the luxury segment of the market when the project launches in September.

Bottega is working with planning partner Urbis and builder Hutchies on the project, dubbed 123OBR, after securing the site for $3.25 million.

Bottega Group managing director Nick Malloch said construction is pegged to start early next year, but could begin earlier subject to a run of successful pre-sales.

Bottega Property Group Wins Approval for Broadbeach Tower (2)

Malloch describes the Woods Bagot-designed project as a vertical stack of beach houses with a nautical reference.

“Our vision is to truly unlock creative freedom with our project partners through collaborative design,” he said.

Nearby, Gold Coast developer Andrews Projects has plans for an 18-storey apartment building, comprising 15 high-end dwellings, at 120 Old Burleigh Road.

In its most recent quarterly survey, Urbis said the Gold Coast apartment market had recorded 265 sales in the first quarter of 2020, this sits above the two-year quarterly average of 238 sales.

Construction activity under way at the Gold Coast includes work on Robert Badalotti’s mega $2.3 billion Imperial Square project—which comprises a series of skyscrapers including the 108-level tower set to be one of Australia’s tallest buildings— expected to start in Southport.

And Sunland Group, which recently offloaded a 46.4-hectare subdivision site at Pimpama for $29 million, is tracking with sales at its $250 million high-rise project at Mermaid Beach.

Located on a 1,821sq m waterfront site, Sunland’s Soheil Abedian said it has sold 90 per cent of its 98-apartment tower project at 272 Hedges Avenue.

 

 

 

 

This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.

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Gold Coast

Millennials Making Big Move to Regions

Millennials Making Big Move to Regions

Regional Australia attracted more people than it lost to capital cities during the last census, reveals a new report, which also found Sydney lost more millennials to the regions than it gained between 2011 and 2016.

Regional Australia Institute’s “Big Movers” report examines how Covid-19’s aftershocks may affect regional population trends, as a growing number of millennials look to regional areas over capital city living.

“While 178,961 millennials moved to capital cities from regional Australia, more than 200,000 moved between regions,” Regional Australia Institute chief executive Liz Ritchie said.

Top 12 regions for millennials

LGAStateNumber of millennials moving inLGA population, 2016
Gold CoastQLD24,714555,724
NewcastleNSW13,619155,412
Sunshine CoastQLD13,359294,365
TownsvilleQLD12,246186,753
WollongongNSW9,400203,630
Lake MacquarieNSW8,742197,373
CairnsQLD7,473156,900
Greater GeelongVIC7,454233,426
ToowoombaQLD7,214160,779
BallaratVIC5,654101,689
MaitlandNSW5,53677,307
Greater BendigoVIC5,190110,479

^2011- 2016. Source: Regional Australia Institute

The report unpacks population trends around the country, taking in national census data from between 2011 and 2016.

The research places an emphasis on millennials—people aged between 20 and 35 years at the 2016 census date—because the cohort is likely to have young families, be working at early-mid career levels or in trades, and is also increasingly likely to purchase residential property in regional areas.

“Like all Australians who moved between 2011 and 2016, the mobility of millennials reflects a ‘voting with their feet’ to find the mix of work and lifestyle that they value,” Ritchie said.

“Some 37,000 millennials moved from Sydney to regions, with 32,500 moving the other way.”

Sydney was the only city to see a net outflow of millennials between 2011 and 2016. All other cities saw net inflows of millennials, with Brisbane and Melbourne each seeing the largest inflows, more than 10,000.

The top three regional destinations for millennials to move to during the last census period were the Gold Coast, Newcastle and the Sunshine Coast.

The top 12 destinations—all large regional centres—also include Greater Geelong, Cairns, Toowoomba, Ballarat, Maitland, Greater Bendigo and Lake Macquarie.

Movement between capital cities and regions

CityFrom city to regionalFrom regional to cityDifference
Sydney139,47174,715-64,756
Melbourne112,72891,119-21,609
Adelaide38,70437,663-1,041
Brisbane109,670125,26715,597
Perth58,19762,4954,298
Hobart8,97410,6371,663
Darwin12,69813,182484
Canberra21,20121,361160

^ 2011-2016. Source: Regional Australia Institute

How’s the serenity?

Figures show 501,643 people moved from capital cities into regional Australia between 2011 and 2016, while 436,439 people moved from regions to the capital cities for the period.

“From 2011 to 2016, our two biggest cities, Sydney and Melbourne, lost more residents to regions than they gained—and this was well before Covid-19,” Ritchie said.

“Over the last few months, we’ve all had to change how we work and this has allowed staff and employers to see that location is no longer a barrier for where we choose to work.

Over the five years to 2016, Australia’s regions attracted a net inflow of 65,204 people from Australia and state capital cities, meaning the regions attracted more people than those who left for capital cities.

“As a country, we are an extremely mobile nation, and we have a propensity to change our address at twice the rate of people in most OECD countries.

“If location is no longer a barrier for employment, it’s possible that the trend line over the next decade could see an even greater swing to regions,” she said.

The research also reveals that 690,216 people moved between communities—moving from one place in regional Australia to live in another part of regional Australia—rather than to a capital city.

 

 

 

 

This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.

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